U.S. stocks closed lower on Monday as Apple and semiconductor shares declined, putting pressure on the broader technology sector.
The Dow Jones Industrial Average was down 395.78 points, or 1.56 percent, to 25,017.44. The S&P 500 decreased 45.54 points, or 1.66 percent, to 2,690.73. The Nasdaq Composite Index was down 219.40 points, or 3.03 percent, to 7,028.48.
Shares of Apple plunged nearly 4 percent to trade at 185.86 U.S. dollars apiece after reports said the company cut production of orders for the new iPhones that came out earlier this year.
Memory chip production companies also declined in the morning session. Shares of Advanced Micro Devices dropped 7.5 percent while Micron Technology lost 6.62 percent.
The tech sector is now down more than 10 percent from the 52-week high, which was reached earlier this year.
Investors have also been closely monitoring the trade relations between the United States and its major trading partners.
On the economic front, sentiment among homebuilders dropped 8 points in November to 60 in the National Association of Home Builders/Wells Fargo Housing Market Index. This is largely due to rising mortgage rates and continued home price growth that are hurting affordability.
